Fitch revises Visteon Rating Watch to 'positive'

SAN FRANCISCO (MarketWatch) -- Fitch Ratings on Wednesday revised the Rating Watch on Visteon Corp.'s
VC, -1.63%
B senior unsecured debt rating to positive from negative following Visteon and Ford Motor Co.'s
F, -1.48%
agreement to restructure the auto parts supplier. Fitch said that if the agreement is finalized as proposed, Visteon's operating profile and capital structure would "dramatically" improve. It noted that additional restructuring of the assets remaining at Visteon will occur, and that the company will still be subject to a number of stresses facing the auto supply industry. Earlier today, Ford, Visteon's largest customer, agreed to take over 24 plants in exchange for billions of dollars in Visteon liabilities under union contracts.

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